Archer Aviation (NYSE:ACHR) Trading 3.5% Higher – Still a Buy?

Archer Aviation Inc. (NYSE:ACHR) shares traded up 3.5% during mid-day trading on Wednesday . The stock traded as high as $7.36 and last traded at $7.05. 7,886,840 shares traded hands during trading, a decline of 75% from the average session volume of 31,974,635 shares. The stock had previously closed at $6.81.

Analysts Set New Price Targets

Several equities research analysts have recently commented on the company. Deutsche Bank Aktiengesellschaft increased their price objective on Archer Aviation from $11.00 to $15.00 and gave the company a “buy” rating in a report on Friday, December 13th. JPMorgan Chase & Co. lowered Archer Aviation from an “overweight” rating to a “neutral” rating and increased their price objective for the company from $6.00 to $9.00 in a report on Friday, January 10th. Needham & Company LLC lifted their target price on shares of Archer Aviation from $11.00 to $13.00 and gave the company a “buy” rating in a report on Friday, February 28th. Cantor Fitzgerald boosted their price objective on shares of Archer Aviation from $10.00 to $13.00 and gave the company an “overweight” rating in a research report on Wednesday, December 18th. Finally, Raymond James lifted their price target on shares of Archer Aviation from $11.00 to $12.00 and gave the stock an “outperform” rating in a research note on Friday, February 21st. Two equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat, Archer Aviation currently has an average rating of “Moderate Buy” and an average target price of $11.61.

Archer Aviation Stock Performance

The company has a current ratio of 6.03, a quick ratio of 6.03 and a debt-to-equity ratio of 0.16. The stock has a market cap of $4.06 billion, a P/E ratio of -5.65 and a beta of 3.14. The company’s 50-day simple moving average is $9.18 and its 200 day simple moving average is $6.46.

Archer Aviation (NYSE:ACHR) last released its quarterly earnings data on Thursday, February 27th. The company reported ($0.30) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.40) by $0.10. As a group, sell-side analysts expect that Archer Aviation Inc. will post -1.32 EPS for the current fiscal year.

Insider Activity at Archer Aviation

In other news, Director Michael Spellacy sold 63,000 shares of the company’s stock in a transaction that occurred on Thursday, December 12th. The shares were sold at an average price of $7.10, for a total value of $447,300.00. Following the completion of the sale, the director now owns 191,513 shares of the company’s stock, valued at approximately $1,359,742.30. This represents a 24.75 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, General Counsel Eric Lentell sold 43,230 shares of the business’s stock in a transaction on Tuesday, March 4th. The shares were sold at an average price of $7.70, for a total value of $332,871.00. Following the completion of the sale, the general counsel now owns 53,225 shares in the company, valued at $409,832.50. This represents a 44.82 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 608,498 shares of company stock worth $5,368,115. 9.75% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the company. Barclays PLC grew its stake in shares of Archer Aviation by 272.7% during the third quarter. Barclays PLC now owns 427,023 shares of the company’s stock worth $1,294,000 after purchasing an additional 312,440 shares during the period. Private Advisor Group LLC grew its stake in Archer Aviation by 253.4% in the 4th quarter. Private Advisor Group LLC now owns 51,376 shares of the company’s stock valued at $501,000 after purchasing an additional 36,840 shares during the period. HBK Investments L P purchased a new position in Archer Aviation in the 3rd quarter worth approximately $6,818,000. ARK Investment Management LLC raised its stake in shares of Archer Aviation by 27.1% in the fourth quarter. ARK Investment Management LLC now owns 29,912,089 shares of the company’s stock worth $291,643,000 after buying an additional 6,371,647 shares during the period. Finally, Yarbrough Capital LLC purchased a new position in Archer Aviation in the 4th quarter worth approximately $6,039,000. 59.34% of the stock is currently owned by hedge funds and other institutional investors.

About Archer Aviation

Archer Aviation Inc, together with its subsidiaries, engages in designs, develops, and operates electric vertical takeoff and landing aircraft for use in urban air mobility. The company was formerly known as Atlas Crest Investment Corp. and changed its name to Archer Aviation Inc The company is headquartered in San Jose, California.